credit instruments secured thereby. The term "farm-loan bonds" shall be held to include all bonds secured by collateral deposited with a farm-loan registrar under the terms of this subchapter; they shall be distinguished by the addition of the words "Federal", or "joint-stock" as the case may be. (July 17, 1916, ch. 245, § 2, 39 Stat. 360; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT

In the original "this subchapter" reads "this Act", meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said act in this Code, see note under section 641 of this title.

ADMINISTRATIVE PROVISIONS RELATIVE TO THIS SUBCHAPTER

§ 651. Federal Farm Loan Bureau.-There shall be at the seat of government a bureau charged with the execution of this subchapter and of subchapter III of this chapter and of all acts amendatory thereof, to be known as the "Federal Farm Loan Bureau", under the general supervision of the Farm Credit Administration. (July 17, 1916, ch. 245, § 3, 39 Stat. 360; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT

In the original "this subchapter and subchapter III of this chapter" reads "this Act," meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said act in this Code, see note under section 641 of this title.

TRANSFER OF FUNCTIONS

Farm Credit Administration was transferred to the Department of Agriculture. See note preceding section 636 of this title.

§ 652. Federal Farm Loan Board; number of members; appointment; salaries; expenses.-The Federal Farm Loan Board shall consist of seven members, including the Secretary of the Treasury, who shall be a member and chairman ex officio, and six members to be appointed by the President of the United States, by and with the advice and consent of the Senate. Of the six members to be appointed by the President, not more than three shall be appointed from one political party, and all six of said members shall be citizens of the United States and shall devote their entire time to the business of the Federal Farm Loan Board; they shall receive an annual salary of $10,000, payable monthly, together with actual necessary traveling expenses. One of the additional members of the Federal Farm Loan Board, hereby provided for, shall be appointed for a term expiring August 6, 1929, and one for a term expiring August 6, 1931, and thereafter the terms of all members of the Federal Farm Loan Board shall be as in section 653 of this subchapter otherwise provided for. (July 17, 1916, ch. 245, § 3, 39 Stat. 360; Mar. 4, 1923, ch. 252, § 301, 42 Stat. 1473.)

PARTIAL EFFECTIVENESS

This section was rendered obsolete by Ex. Ord. No. 6084, Mar. 27, 1933, except insofar as it affects the qualifications, appointment, salary, etc., of the Land Bank Commissioner, previously known as Farm Loan Commissioner. See section 638 of this title.

§ 653. Terms of office; oath; Land Bank Commissioner. One of the members of the Federal Farm Loan Board to be appointed

by the President shall be designated by him to serve for two years, one for four years, one for six years, and one for eight years, and thereafter each member so appointed shall serve for a term of eight years, unless sooner removed for cause by the President. One of the members shall be designated by the President as the Land Bank Commissioner, who shall be the active executive officer of said board. Each member of the Federal Farm Loan Board shall within, fifteen days after notice of his appoinment take and subscribe to the oath of office. (July 17, 1916, ch. 245, § 3, 39 Stat. 360; June 16, 1933, ch. 98, § 80 (a), 48 Stat. 273.)

PARTIAL EFFECTIVENESS

This section was rendered obsolete by Ex. Ord. No. 6084, Mar. 27, 1933, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner; it no longer applies to the term of office of the Commissioner. See section 638 of this title.

§ 654. Eligibility of members; restriction on right to engage in other business.-No member of the Federal Loan Board shall, during his continuance in office, be an officer or director of any other institution, association, or partnership engaged in banking, or in the business of making land mortgage loans or selling land mortgages. Before entering upon his duties as a member of the Federal Farm Loan Board each member shall certify under oath to the President that he is eligible under this section. (July 17, 1916, ch. 245, § 3, 39 Stat. 360.)

PARTIAL EFFECTIVENESS

This section was rendered obsolete by Ex. Ord. No. 6084, Mar. 27, 1933, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See section 638 of this title.

§ 655. Filling vacancies on board.-The President shall have the power, by and with the advice and consent of the Senate, to fill any vacancy occurring in the membership of the Federal Farm Loan Board; if such vacancy shall be filled during the recess of the Senate a commission shall be granted which shall expire at the end of the next session. (July 17, 1916, ch. 245, § 3, 39 Stat. 360.)

PARTIAL EFFECTIVENESS

This section was rendered obsolete by Ex. Ord. No. 6034, Mar. 27, 1933, except insofar as it affects the Land Bank Commissioner, previously known as Farm Loan Commissioner. See section 638 of this title.

§ 656. Registrars, appraisers, and examiners; appointment; restriction on right to engage in other business.-The Farm Credit Administration shall appoint a farm-loan registrar in each farm credit district to receive applications for issues of farm-loan bonds and to perform such other services as are prescribed by this chapter, and may appoint a deputy registrar who shall during the unaivoidable absence or disability of the registrar perform the duties of that office. It shall also appoint one or more land-bank appraisers for each farm credit district and as many farm credit examiners as it shall deem necessary. Farm loan registrars, deputy registrars, land-bank appraisers, and farm credit examiners appointed under this section and sections 651655, 657-664 of this title shall be public officials and shall, during

their continuance in office, have no connection with or interest in any other institution, association, or partnership engaged in banking or in the business of making land mortgage loans or selling land mortgages: Provided, That this limitation shall not apply to persons employed by the administration temporarily to do special work. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Apr. 20, 1920, ch. 154, § 1, 41 Stat. 570; Ex. Ord. No. 6084, Mar. 27, 1933; Aug. 19, 1937, ch. 704, §§ 5 (a), 20, 50 Stat. 704, 710.)

REFERENCES IN TEXT

In the original "this chapter" reads "this Act," meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said act in this Code, see note under section 641 of this title.

§ 656a. Examiners to be designated "farm credit examiners". -Examiners appointed pursuant to the provisions of section 656 of this title shall after August 19, 1937, be designated and known as farm credit examiners. (Aug. 19, 1937, ch. 704, § 20, 50 Stat. 710.)

SAVING CLAUSE

See note under section 640a of this section.

§ 657. Repealed. Sept. 21, 1944, ch. 412, § 601 (d), 58 Stat. 741, eff. July 1, 1944.

REPEALS

The repeal of this section was by the Department of Agriculture Organic Act of 1944.

§ 658. Appraisers and inspectors; compensation; manner of payment. Federal land-bank appraisers, and appraisers or insectors of Federal intermediate credit banks, shall receive such compensation as the Farm Credit Administration shall fix and shall be paid by the Federal land banks, joint-stock land banks, and the Federal intermediate credit banks they serve, in such proportion and in such manner as the Farm Credit Administration shall order. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Mar. 4, 1923, ch. 252, § 302, 42 Stat. 1473; Mar. 4, 1925, ch. 524, § 3, 43 Stat. 1262; Ex. Ord. No. 6084, Mar. 27, 1933.)

§ 659. Attorneys, experts, and other employees; employment; salaries and fees.-The Farm Credit Administration shall be authorized and empowered to employ such attorneys, experts, assistants, clerks, laborers, and other employees as it may deem necessary to conduct the business of said administration. All salaries and fees authorized in sections 651-664 of this chapter and not otherwise provided for shall be fixed in advance by said administration and shall be paid in the same manner as the salary of the Land Bank Commissioner. All such attorneys, experts, assistants, clerks, laborers, and other employees, and all registrars, examiners, and appraisers shall be appointed without regard to the provisions of sections 632, 633, 635, 637, 638, and 640-642, of Title 5, or any rule or regulation made in pursuance thereof and may be classified without regard to sections 661-663, 664673, and 674 of Title 5: Provided, That nothing herein shall prevent the President from placing said employees in the classified service. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Mar. 4, 1925,

ch. 524, § 4, 43 Stat. 1263; Ex. Ord. No. 6084, Mar. 27, 1933; June 16, 1933, ch. 98, § 80 (a), 48 Stat. 273.)

REFERENCES IN TEXT

In the original "sections 632, 633, 635, 637, 638, and 640-642 of Title 5," reads "the act of January 16, 1883 (22 Stat. 403), and amendments thereto," and "sections 661-663, 664-673, and 674 of Title 5" reads "the Classification Act of 1923."

§ 660. Statements of salaries paid by land banks.-Every Federal land bank shall semiannually submit to the Farm Credit Administration a schedule showing the salaries or rates of compensation paid to its officers and employees. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Ex. Ord. No. 6084, Mar. 27, 1933.)

§ 661. Annual report.-The Farm Credit Administration shall annually make a full report of its operations to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Ex. Ord. No. 6084; Mar. 27, 1933.)

§ 662. Examinations and reports by land banks; appraisals of farm land; amortization tables.-The Farm Credit Administration shall from time to time require examinations and reports of conditions of all land banks established under the provisions of this chapter and shall publish consolidated statements of the results thereof. It shall cause to be made appraisals of farm lands as provided by this chapter, and shall prepare and publish amortization tables which shall be used by national farm-loan associations and land banks organized under this chapter. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT

In the original "this chapter" reads "this Act," meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said act in this Code see note under section 641 of this title.

§ 663. Statements of conditions of associations and land banks. -The Farm Credit Administration shall prescribe a form for the statement of condition of national farm loan associations and land banks under its supervision, which shall be filled out quarterly by each such association or bank and transmitted to said administration. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Ex. Ord. No. 6084, Mar. 27, 1933.)

§ 664. Bulletins and circulars.-It shall be the duty of the Farm Credit Administration to prepare from time to time bulletins setting forth the principal features of this subchapter and of subchapter III of this chapter and through the Department of Agriculture or otherwise to distribute the same, particularly to the press, to agricultural journals, and to farmers' organizations; to prepare and distribute in the same manner circulars setting forth the principles and advantages of amortized farm loans and the protection afforded debtors under said subchapters, instructing farmers how to organize and conduct farm-loan asscciations, and advising investors of the merits and advantages of farm-loan bonds; and to disseminate in its discretion information for the further instruction of farmers regarding the method's

and principles of cooperative credit and organization. Said administration is instructed to lay before the Congress at each session its recommendations for further appropriations to carry out the objects of this section. (July 17, 1916, ch. 245, § 3, 39 Stat. 361; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT

In the original "this subchapter and of subchapter III of this chapter," and "said subchapters," read "this Act," meaning the Federal Farm Loan Act (act July 17, 1916, cited to text). For distribution of said act into this Code, see note under section 641 of this title.

§ 665. Rules and regulations.-The Farm Credit Administration is authorized to make such rules and regulations, not inconsistent with law, as it deems necessary or requisite for the efficient execution of the provisions of this subchapter and of subchapter III of this chapter, and/or any Act or Acts amendatory thereof or supplementary thereto. (Jan. 23, 1932, ch. 9, § 6, 47 Stat. 14; Ex. Ord. No. 6084, Mar. 27, 1933.)

REFERENCES IN TEXT

In the original "of this subchapter and of subchapter III of this chapter" reads "of the Federal Farm Loan Act." For distribution of said Federal Farm Loan Act in this Code, see note under section 641 of this title.

ORGANIZATION OF FEDERAL LAND BANKS

§ 672. Establishment; titles; branches; Puerto Rico and Alaska; loans by branches.-The Farm Credit Administration shall establish in each farm credit district a Federal land bank, with its principal office located in such city within the district as said administration shall designate. Each Federal land bank shall include in its title the name of the city in which it is located. Subject to the approval of the Farm Credit Administration, any Federal land bank may establish branches within the farm credit district. Subject to the approval of the Farm Credit Administration and under such conditions as it may prescribe, the provisions of this subchapter and of subchapter III of this chapter are extended to the island of Puerto Rico and the Territory of Alaska; and the Farm Credit Administration shall designate a Federal land bank which is hereby authorized to establish a branch bank in Puerto Rico and a Federal land bank which is hereby authorized to establish a branch bank in the Territory of Alaska, Loans made by each such branch bank shall not exceed the sum of $25,000 to any one borrower and shall be subject to the restrictions and provisions of this chapter, except that each such branch bank may loan direct to borrowers, and, subject to such regulations as the Farm Credit Administration may prescribe, the rate charged borrowers may be 112 per centum in excess of the rate borne by the last preceding issue of farm loan bonds of the Federal land bank with which such branch bank is connected: Provided, That no loan shall be made in Puerto Rico or Alaska by such branch bank for a longer term than twenty years.

Each borrower through such branch bank shall subscribe and pay for stock in the Federal land bank with which it is connected in the sum of $5 for each $100 or fraction thereof borrowed;